Oil Slides into Bear Market Territory

U.S. crude-oil prices on Tuesday retreated in to bear-market territory, defined as a drop of at least 20% from a recent peak, as the the market continues to be dogged by oversupply concerns. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July was trading 2.5% lower at $43.34 a barrel.

Measured from its Feb. 21 peak, when crude settled at $54.33 a barrel, WTI is down about 20%, representing a bear market if it holds to close at its current levels, according to FactSet data.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.